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business ideas 2019-01-17

Profitable Business Ideas for The Elderly Population in Chandigarh

According to the census data, out of Chandigarh's total population, the city percent per cent young people in the age group 15-24 years while 68.9 percent population falls in the working age 15-59 years. Read on...

By Senior Sub-editor
Profitable Business Ideas for The Elderly Population in Chandigarh

Chandigarh is known as the city of retired folks. Maximum retired population especially from army background can be found in Chandigarh, for the amazing weather, properly planned, clean and maintained a city with good medical facilities.

According to the census data, out of Chandigarh's total population, the city percent percent young people in the age group 15-24 years while 68.9 percent population falls in the working age 15-59 years.

Also due to advance medical technology, the death ratio has reduced and life expectancy has increased, they live long and their dependency on the younger generation increases. But the new age elderly populations no longer want to depend on their young generation or spend the rest of their lives in old-age homes and are unable to start a full-time job, rather they want to explore the startup life because “it’s never too late to become an entrepreneur”.

Becoming an entrepreneur might demand a lot of physical work as well and mental stress, which is why starting a franchise business, might come easy for the elderly population of Chandigarh.

Here is the list of franchise business ideas, which the retired generation can begin with:

1. Retail Franchise store: Selling daily grocery requirements in the locality and in the market have been the primary source of income for many people since time immemorial. Now the business has shifted from daily kiranas to supermarkets and retail franchises. So the elderly population can only work in investing and coordinating with suppliers.

Running a retail franchise business can be one of the profitable businesses, to begin with. All one needs to do is to hire the right staff, who can do the arranging, shifting, managing and billing work.

2. Food-related franchise business: Chandigarh population also has an appetite for good food and food-related franchises do well in any foodie dominated areas. Thus one can start with food-related franchise business and choose the staff carefully in order to run the business effortlessly.

3. Hotel and Travel Franchise business: A lot of people come to Chandigarh for their business or to attend events for a day or two, they look for hotels and travel inquiries for their short trips. So starting a hotel and travel franchise business can be profitable because if the brand is renowned, people trust more rather than a new brand. Also, elderly people can allocate their house or rent out a certain part of it for the evening party, where the staff can take care of food and lodging and can be kept well maintained by the staff while earning a healthy profit out of it.

4. Beauty-related franchise business: Beauty-related franchises are abundant and are known for churning out good enough profit for those who join in. The elderly population can take a franchisee and start the business in their extended property and start earning profits, the daily service can be taken care of by the staff or can be lent out to staff on contract basis.

5. Daycare and preschool franchise business: Daycare and preschool franchise business are also one of the most profitable businesses, where the owner can take up franchisee and assign the staff to maintain it and a manager to run the preschool. As the elderly population can also spend their time with the children and be a part of their learning stage while earning a profit.

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